Morgan Stanley (NYSE:MS) disclosed a substantial stake in Grayscale’s Bitcoin Trust , totaling nearly $270 million as of March 31, according to a recent 13F filing. This investment, along with similar disclosures from banking giants like JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC), and UBS (NYSE:UBS), underscores growing institutional interest in cryptocurrency among wealth management clients. It’s…
In a significant legal development, a Nigerian court has determined that Binance executive Tigran Gambaryan can be prosecuted on behalf of the cryptocurrency exchange in an ongoing tax evasion case. The case involves Binance and its executives, including Gambaryan, a U.S. citizen serving as head of financial crimes compliance, and British-Kenyan national Nadeem Anjarwalla, who…
The Internet Computer-based Bitfinity platform introduces its Ethereum Virtual Machine, facilitating smart contract execution for Bitcoin protocols and enabling Bitcoin DeFi applications with Runes support. Built on the Internet Computer protocol, Bitfinity integrates with the Bitcoin network, offering asset bridging to other blockchains. Leveraging Ethereum’s smart contract language Solidity, developers can access Bitcoin-based tokens, including…
Bitcoin (BTC-USD) found itself grouped with other speculative investments during the run-up of the Federal Reserve’s last tightening cycle, declining on expectations that higher interest rates would dampen the risk appetite. Now, with optimism growing again that borrowing costs could soon be heading lower, proponents of the biggest cryptocurrency argue that it’s more akin to…
Bank of America (NYSE:BAC) has revised its rating on Coinbase (NASDAQ:COIN) from underperform to neutral, with a raised price target of $217, up from $110. According to the bank’s report, the current macroeconomic environment has fostered growth in crypto market capitalization and trading volumes. While the bank acknowledges positive dynamics, it also highlights risks associated…
The memecoin market has surged, with its market cap reaching $58 billion and posting a 10% gain in the last 24 hours, outpacing the broader cryptocurrency market, which saw a 5.5% increase over the same period. The top five memecoins, comprising around 77% of the total market cap, have seen significant gains. Notably, Shiba Inu…
Analysts suggest that Bitcoin derivatives traders are willing to pay a premium for short-term downside protection, despite a more optimistic outlook for longer-term options distributions. CF Benchmarks’ analysis of Chicago Mercantile Exchange (CME) options on bitcoin futures reveals that investors continue to pay elevated premiums for out-of-the-money (OTM) puts, indicating a bearish sentiment in the…
Shares of Coinbase (NASDAQ:COIN) fell nearly 8% on Thursday, dropping to $202.49, following a Financial Times report that the Chicago Mercantile Exchange (NASDAQ:CME) might soon offer spot bitcoin trading amid strong interest from its clients. Cryptocurrencies were up on the day, with the CoinDesk 20 Index, which tracks 20 of the largest digital tokens by…
The US Securities and Exchange Commission has yet to decide on spot Ethereum exchange-traded funds. On May 16, Billy Markus, co-founder of Dogecoin, expressed his doubts about their approval, suggesting that the SEC is “compromised” and may reject the ETFs. Markus made his skeptical comment in response to a social media post discussing the importance…
JPMorgan (NYSE:JPM) estimates that the current cost of mining Bitcoin has dropped to around $45,000, down from over $50,000. This decrease follows the quadrennial halving event last month, which cut miner rewards by 50%. The hashrate, which measures the total combined computational power used for mining and processing transactions on the Bitcoin network, did not…